Yamaha Trade-in Guarantee

[ruztew]

Has anyone ever used the Yamaha Trade in guarantee promotion I see advertised on their Offers page? When I bought my 2015 they advertised the same thing and I'm thinking ahead to a new bigger boat in a few years

 

[mraz72]

we're going to need a bigger boat

I am thinking of upgrading as well. I am either going to pick up a 24' at my local deal (left over, hoping to get 5k or more off) or pick up a 24' at a boat show.

Not sure of the best way to handle my current boat. I would love to trade it in and not have to deal with people. Trading it in and not dealing with people is probably worth 2k to me, anything above that, I'll see it on my own...

 

[djetok]

I think you have to financed with yamaha (with the special rates) and have owned it for 60 months

 

[robert843]

I think you have to financed with yamaha (with the special rates) and have owned it for 60 months

This is correct you have to have your current boat for 60 months and you also have to have selected the special financing offer that included this option which is usually 1-2% higher then what ever promo rate they are offering. So for example if the promo rate was 2.9 this offer likely had a rate of 4.9 attached to it. It's very misleading. Atleast this is what I was told by a dealer when I asked about it about a year ago.

 

[ruztew]

I understood the 60 month stuff, but the higher rate was not clear... I financed at the lowest rate, not the higher rate you mention to qualify for the promotion. I assumed Yamaha special financing rate was the low promo I got if 3.99%.

Nobody had really explained it until @robert843 did.

 

[swatski]

Yep. It's almost like leasing.

 

[TheGreekTitan]

I received the Zero down, 1.9% financing with the 60 month buyback program last year. Pretty tough to beat cheap money, with a $5,000 safety net. Not really like a lease at all in my opinion.

 

[swatski]

What I meant was only that with a typical loan structure for boats, you build no equity in the first 60 months. Even at a low 1.9 percent interest.

 

[TheGreekTitan]

What I meant was only that with a typical loan structure for boats, you build no equity in the first 60 months. Even at a low 1.9 percent interest.

Gotcha. With leases typically there is a down payment, plus restrictions on use...mileage (hours), etc. I signed my name a few times, and drove away towing her, with very bad intentions in my mind.

And I agree, there will be very little if any equity in the boat after 5 years. Hence, the warm fuzzy I get when I think of the $5K, and most likely not even thinking about trying to sell on my own.

 

[Ronnie]

I don't really understand the trade in offer. That is, if I bought a 2011 under This deal, I could trade it in after 60 months but what is the trade in value? Used Nada?

 

[TheGreekTitan]

I don't really understand the trade in offer. That is, if I bought a 2011 under This deal, I could trade it in after 60 months but what is the trade in value? Used Nada?

My dealership did not specifically say NADA, I think there's a different book they use.?. But, it is the trade in value, not resale.

They do give value to mods though. That's why I was comfortable installing thrust vector xv's, full SeaDek, amp, speakers, etc. I trust my dealer, and know they'll give me a fair price on the trade in. YMMV

 

[swatski]

Yep. That

I don't really understand the trade in offer. That is, if I bought a 2011 under This deal, I could trade it in after 60 months but what is the trade in value? Used Nada?

It is spelled out in the first post in the ad. The NADA used trade-in value.
BTW - Eligible mods / add ins are usually priced at 50% of their market value.

 

[TheGreekTitan]

1.9% for how long?

15 years.

 

[robert843]

Attached are the actual Yamaha sell sheets the dealers use from July. You will see on the first sheet that a promo rate of 2.9% was offer during this time but on the other sheet you will see the trade and play had a 6.9% interest rate. I would double check your paper work if they did in fact give this to you there will be a whole section you signed with the guarantee in it. I find very unlikely at 1.9% that you where included in it unless that 1.9% was a short term rate that changes later but even then not sure it would be there. I would love to be proven wrong though seriously as it would mean a lot more people are covered under then what I was told.

 

[Ronnie]

I was reading the ad incorrectly in that used nada trade in value is mentioned in conjunction with remaining loan balance. I get it now.

Given the conditions, especially the $5000 limit on remaining balance, I wonder how many people actually excercise this option? I'd be hard pressed to buy into it at all if the cost was two extra points on the loan to purchase the first boat, o probably would not be looking that far down the road if I'm financing on the first place. Plus I'm not a big fan of Selling on craigslist but it's worth the hassle of dealing with a few fakers/window shoppers if I can get at least nada resale value instead of trade in value.

When I was thinking about trading my last Yamaha boat into my local dealer in 2012 they used buds or budds instead of nada and were honest in that they offered me $15k for it and expected to sell it for at least $20k. Nada at the time was $22k. They went on to state that all of the personalization made it less valuable to would be buyers so they were not going to give me any credit for the mods. I ended up selling it myself for $20k.

 

[TheGreekTitan]

When did Yamaha offer 1.9% for 15 year financing on the 2015's? Attached are the actual Yamaha sell sheets the dealers use from July. You will see on the first sheet that a promo rate of 2.9% was offer during this time but on the other sheet you will see the trade and play had a 6.9% interest rate. I would double check your paper work if they did in fact give this to you there will be a whole section you signed with the guarantee in it. I find very unlikely at 1.9% that you where included in it unless that 1.9% was a short term rate that changes later but even then not sure it would be there. I would love to be proven wrong though seriously as it would mean a lot more people are covered under then what I was told.

I stand corrected....on one point.

My APR is 2.99%, not the 1.9% previously stated. Sorry for the inaccurate information.

My loan is fixed for 180 months at 2.99%, WITH the buy back program per my signed paperwork from my dealer.

 

[robert843]

My loan is fixed for 180 months at 2.99%, WITH the buy back program per my signed paperwork from my dealer.

Congratulations my man you are the first person I have heard of with the promo rate and the signed buy back guarantee clause in the contract I sure hope some others got the same.

 

[rkgdmd]

I can't see this program being utilized too often. I have thousands of dollars in accessories installed in my boat...let alone the hours installing said accessories. I know my dealer well. There is no way he is giving me any credit for those add ons...pennies on the dollar at best. Might make sense for someone who bought the "wrong boat" and didn't modify it. Not sure there are that many people like that out there. I think it's clever marketing on Yamaha's part, because it may impart some security for buyers while being something that is not practical for the average owner to utilize.

 

[Emilio22]

the buy back is a nice idea but if you qualify for the 2.99/5.99% program vs 6.99% buy back program on $57,000 financed after 5 years you are way ahead about $10,500 less interest paid and $3,400 ahead in principle reduction. If you decide to pay all the way through you paid an extra $15,000 for a $5,000 benefit that you did not use. If you got both the 2.99% and the buy back that is a great deal.